EBRD Venture Capital H1 2025 update

The first half of 2025 has been an exciting one for EBRD VC, marked by new investments, portfolio milestones, and deeper engagement with the ecosystems we serve.

💡 New Deals

• 🇵🇱/🇺🇸 We led the $44m Series B round of Nomagic, a pioneering provider of AI-powered robotics solutions for warehouses and the fulfilment sector. Founded in 2017, Nomagic has developed its own proprietary AI and machine vision technology leading to higher throughput and autonomy compared to its competitors. This is clearly reflected in the satisfaction and ROI of  its e-commerce and retail customers who are investing in automation. We are excited to come aboard this journey with Kacper Nowicki, Marek Cygan and Tristan d'Orgeval and join Khosla Ventures, Almaz Capital and Hoxton Ventures as investors. LINK

• 🇭🇺/🇺🇸 We led a $7M seed round in Axoflow, a cybersecurity startup revolutionizing the way enterprises collect and handle security data. Led by an exceptional team of repeat and domain expert founders Balázs Scheidler, Sándor Guba, Ferenc Hernadi and Neil Boyd, Axoflow refines SIEM data to improve detection, response, and cost efficiency. LINK

📢 Portfolio News

• We’re pleased to share that Trafi has been acquired by Enghouse Systems (TSX: ENGH). The deal, completed in April 2025, strengthens the global reach of Trafi’s advanced Mobility-as-a-Service (MaaS) platform, by integrating it with Enghouse’s established transportation and ticketing solutions. LINK

• We’re excited to share that Photoneo, now part of Zebra Technologies has been acquired by Zebra Technologies LINK. The deal, closed in Q1 2025, will accelerate the global adoption of Photoneo’s 3D vision and automation solutions, powering advanced applications in robotics, inspection, and digital twins. We remain investors in Brightpick which provides AI-powered autonomous robots to pick and sort warehouse orders.

• Paymob was granted a Retail Payment Services License by the Central Bank of the UAE marking their expansion in the country and continued growth in GCC. LINK

• On the pharmatech side, Causaly launched Pipeline Graph, its latest AI application which gives Life Science teams, a decisive edge when it comes to building a pipeline of drug assets by allowing them to determine early whether an asset is likely to to face intense competition or addresses a domain that is scientifically immature LINK. Separately, Novartis has adopted Causaly’s AI platform to accelerate drug discovery, using its generative AI and knowledge graph to streamline research, boost productivity, and faster evidence-based innovation in R&D. Watch this Webinar where Jeremy Jenkins, US Head of Discovery Sciences at Novartis explains how AI is transforming life science R&D. LINK

• Axoflow achieved SOC 2 type compliance assuring customers, partners, and stakeholders that Axoflow meets globally recognized standards for data protection and security management. LINK

• Dgpays completed the acquisition of a majority stake in Mashreq’s NEOPAY business for $385 million, positioning DgPays as a leading strategic payments infrastructure provider in MENA. LINK

• PandaDoc has been named a Leader in the G2 Grid® for Proposal Software for the fifth year in a row, a testament to its strong market presence, top performance, and the trust of thousands of happy users. LINK

👥 Team Expansion

• We are thrilled to welcome Marina Lirintzi, PhD to our investment team. With a Cambridge PhD and MPhil in Genetics, recognition from McKinsey’s Next Generation Women Leaders and Global Biotech Revolution, and prior experiences at EQT Life Sciences and Cambridge accelerators, Marina strengthens our focus across lab data & automation, techbio infrastructure, and scientific ML platforms.

🌍 Event Highlights

Our team has been actively engaging with founders, investors, and operators across ecosystems:

• Cairo, Egypt – Ervin Luga and Amine Chabane joined the country’s vibrant startup community at RiseUp.

• Warsaw, Poland – Bruno Lusic moderated a panel at the VC Leaders Conference, deepening our ties with the Polish ecosystem. Him and Amine Chabane also networked with investors at the Vestbee VC Summit in March.

• Sofia, Bulgaria – Amine Chabane engaged with the Bulgarian ecosystem at Digitalk.

• Gdańsk, Poland – Marco Caputo connected with Polish founders and investors at Infoshare | Shape Tomorrow Today.

• Riga, Latvia – Aziza Zakhidova explored opportunities across the Baltic ecosystem at TechChill.

• Central Eurasia – Aziza Zakhidova served as a finals judge for Central Asia / Caucasus region's largest startup competition to select the region's most promising founders to compete at the global stage of TechCrunch StartupBattlefield 2025 competition in San Francisco. LINK

In the second half of 2025, you can meet our team at:

🌟 Engaged Investments Conference (Prague)

🌟 How to Web (Bucharest)

🌟 Slush (Helsinki)

🌟 Istanbul Slush'D (Istanbul)

🌟 Sarajevo Slush'D (Sarajevo)